I published this post before and have had an enormous response; it seems to be a hot topic for many people out there. So just remember before you purchase a property that takes access from a private road be sure to do your homework. All comments are welcome; let’s talk about your situation. 

A road maintenance agreement is usually a good thing to have in place if you share a common access with one or more properties. Sometimes the only access to some properties is on a private easement road from a public right of way; this means that the responsibility of the road maintenance falls on the people who have the right to use the road.

A road maintenance agreement will generally contain these items: The legal description of all properties that have the right to use the road, the way that responsibility for repairs is to be shared by the parties, how the costs for repairs will be incurred by the parties, emergency repairs and the consequences for non-participation in the maintenance.

Road maintenance agreements are a great thing as long as all parties involved share in the repairs as spelled out in the agreement. Sometimes a lender on a property with a private road will require that an agreement be in place prior to them making the loan.

So remember when you are looking at property that takes access on a private road easement to check with your real estate agent and check the title report to see if an road maintenance agreement is in place. Reviewing a preliminary title report during your feasibility or inspection period to check for these kind of red flags can save you time and heartache in the end.

                           Year-To-Date December 2008   Residential sales volume for December 2008 increased 25% from November 2008                              All Sales 2008 (vs. Year-to-Date 2007) 

• Residential sales volume: off 58% to $2.2 billion
• Residential transactions: off 54% with 6,282
• Mobile Home sales on land: off 65% to $40 million
• Multi-plexes (2-5 units) sales: off 60% to $38 million
• Land sales: off 77% to $137 million
• Commercial volume: off 58% to $483 million
• Average residence: $354,800, off 9%

  Existing home transactions sold up 21% in December 2008 vs. November 2008Existing Home Sales (vs. year-to-date 2007) 

• Units sold off 53%; volume: off 58% to 1.3 billion
• 3,561 units sold this year vs., 7,544
• Average price off 11% to$368,172
• Half homes (median) sold for more than $329,500, off 6%
• Average $/SF for homes sold: $211.16 (all sales), off 10%
• Best range: $300,001 - $350,000, with 63.4 monthly
• Second best absorption rate: $350,001 - $400,000 WITH 42.1 per month

 5.6 acreage parcels sold monthly, off 69% from last year: average price, $187,561, off 11%Acreage Sales (vs. 2007) 

• 30.6 per month of existing homes sold, off 57%; average price: $509,132, off 22%
• Median price for existing homes $430,000, off 14%
• 5.6 new single family homes sold monthly, off 56%
• The new home average price: $436,632, off 25%
• Median price for new homes: $450,000, off 22%
• The $/SF for existing homes: $244.18, off 26%
• The $/SF for new homes: 4241.32 off 17% (18% of sales with data)
• Average lot sizes, for existing homes: 4.1 acres, up 11% for new: 2.9 acres, up 5% December’s residential recorded transactions were 55% fewer than last December.

      New single family units sold in December 2008 up 58% from November 2008New Single Family Homes (vs. Year-to-Date 2007) 

• Average sales price: $355,622, off 13%
• Median sales price: $405,000, off 11%
• New homes represent 24% of  volume and 21% of units recorded
• 965 sold vs. 2,105 last year, off 54%; volume off 60% to $420 million
• Average $/SF; $195.07, off 22% (10% with data)
• Best range: $300,000 - $350,000 with 13.5 monthly
• Second best range: $350,001 - $400,000 with 12.6 month

 Best range: $100,001 - $150,000 with absorption of 3.9 per month, off 69%Subdivisions (vs. 2007) 

• The average lot sold for $159,897, off 18%
• Half (median) the lots sold for more than $130,000, off 32%
• 13.1 sold monthly vs. 77.2 monthly last year, off 83%
• The average lot represents 36.7% of the average new home price
• The median priced lot represents 32.15 median priced home

 Attached unit sales up 15% in December 2008 from November 2008Attached (vs. Year to date 2007) includes condominiums and townhomes 

• Average sales price: $281,348, off 1%
• Median sales price: $252,000, off 5%
• 42% (642 units) new
• 1,515 sold vs. 3,469 last year, off 56%; volume: off 57% to 426 million
• Average existing $/SF, $209.20, off 5%; for new: $206.78, off 5% (10% with data)
• Best range existing: $225,001 - $250,000 with 12.4 per month
• Best range new: $300,001 - $350,000 with 11.2 monthly

 Projection 

• Relative inventory decreased to 20.4 months, a strong buyer’s market. Price will weaken
• Lower mortgage rates and lower prices could encourage more people to purchase a home. The uncertainty which hangs over the economy and jobs being cut will discourage some.

Posted with Permission by REAL ESTATS: LAM@realestats.net  since 1991 www.realestats.net